In today's interconnected, “always-on” environment, it is easy to forget how dependent we all are on records and, more importantly, on the people we trust to make these records correctly and to hold them securely.

High-yield bonds are complex debt instruments with tailored covenant packages. Understanding how these covenants work and how to tailor a covenant package is essential to ensuring the issuance of cost-effective high-yield debt that does not restrict the ability to expand a growing business. 

In this report, we discuss developments and trends in insurance industry transactions in the past year in North America, Bermuda, Europe, and Asia, with particular focus on mergers and acquisitions, corporate finance, the insurance-linked securities and convergence markets, including pension risk transfers, and tax and regulatory developments.